The weekly price chart below shows the U.S. Dollar Index rose strongly last week, in line with the long-term bullish trend, printing a bullish candlestick that closed in the top quarter of its range. This was the highest weekly close seen since May 2020. The low of the weekly candlestick was not far from the support level at 12293. Dollar bulls will be encouraged that the nearest support level, shown in blue at 12293 within the below price chart, has continued to hold, and the price has continued to advance to new highs. However, the price is not far from a key resistance level at 12470 which may impede further progress, at least over the short term.
It will probably be wise to take trades in favor of the US Dollar in the Forex market over the coming week.
It will probably be wise to take trades in favor of the US Dollar in the Forex market over the coming week.